State-run Romanian Black Sea shipyard Santierul Naval Constanta expects to cut losses this year and to upgrade facilities to make it more attractive ahead of its sell-off, an official said. "Declining traffic in the Constanta Port last year, mainly due to the Yugoslav conflict, has affected our 1999 results," Dan Mocanu, head of the shipyard's privatization department, said. He said the shipyard had losses of $21.9 million last year, but revived port activity was expected to trim these to $7.8 million by end-2000. "We are expecting increased activity, with more vessels to be repaired and new ones built this year, to cushion part of last year's losses," he said. Mocanu said the yard, which repairs about 200 ships a year, was expected this year to sign a contract worth about $19 million with Germany's Ferrostaal Essen and another $12 million contract with Thyssen-Krupp group. The shipyard has a share capital of around $10.3 million and company officials say it needs an annual $50 million in contracts to operate profitably.
Arab Shipbuilding and Repair Yard Company (Asry) said that it expected net operating income to reach about $135 million by the end of this year, compared to $111 million last year. The board praised the notable improvement in sales and net profit after depreciation till the end of October, which is estimated at $11.5 million, an 88 percent increase over the net profit for the same period last year of $6.1 million.
Newport News Shipbuilding reported net earnings of $20 million, or $.58 per diluted share for the third quarter of 1999. Earnings before interest and taxes (EBIT) for the quarter were $47 million, up 9 percent from EBIT of $43 million in the same period last year. NNS posted third quarter revenues of $451 million versus $462 million in the third quarter last year.
Houma, La.-based Gulf Island Fabrication reported steady earnings and higher revenue recently. The company’s net income during the quarter that ended Sept. 30 was $10m, the same amount it earned for the period one year ago. On a diluted per share basis, Gulf Island earned 70 cents in the recent quarter, compared with 72 cents last year. However, Gulf Island reported revenue for the recent quarter was $124.9m, up from $89.7m last year.
Offshore oil driller Global Marine Inc. announced that first quarter earnings fell sharply compared with the same period of 1999, but showed signs of stabilization after a steady decline in earnings since mid-1998. After a restructuring charge, net income fell to $12.6 million from $36.8 million in the first quarter of 1999. Its earnings were more or less steady with the final quarter of last year. Revenues totaled $204 million compared to $228 million in the comparable period last year
According to a report from Ebeling Heffernan, China Shipbuilding Industry Co. (CSIC), the country’s northern shipbuilding giant, said its net profit last year rose 7.28% to about $246b. Due to a recovery in the Global shipbuilding market and a rise in orders, shipbuilding business has increased business 38.17% from the same period last year, it said. (SourceL Ebeling Heffernan)
Shares of Neptune Orient Lines Ltd (NOL) slumped as much as 6.8 percent on Monday morning after it said it expects to book a profit for the full year but that the results would be much lower than the previous year. The world's sixth largest container ship operator fell to a 17-month low of S$1.08 before crawling back to S$1.11, down $0.05 in moderate trade of more than two million shares. The Singapore Exchange had suspended the stock after its president and CEO Flemming Jacobs warned of
Import cargo volume at the nation’s major retail container ports is expected to be up nine percent in December over the same month last year, and 2010 should end with a 17 percent increase over last year, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates. “The nation’s improving economy has been reflected in the amount of merchandise imported by retailers this year
U.S. ports continued to post positive tonnage numbers in October. The Seaway’s year-to-date total cargo shipments from March 22 to October 31 were 29 million metric tons, up 2 percent from the same period last year. “With just two months left in the 2011 navigation season, the Seaway is on track to meet its projected seven percent improvement over last year’s tonnage performance,” says Rebecca Spruill
Import volume at the nation’s major retail container ports is expected to drop 8.4 percent in February from the same time last year as the shipping cycle reaches its slowest month of the year, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates. “Ports and distribution centers are getting the break they deserve after the busy holiday season, but it won’t last long
Hamburger Hafen und Logistik AG (HHLA) said it needs 50 additional commercial employees for the container terminal Burchardkai (CTB). The company continues its personnel actions started last year with which they respond to the growing peak loads in container handling.
Container traffic through Kenya's biggest port grew by 12.8 percent in the first six months of the year after new cargo handling infrastructure was built to shorten the turnaround time for ships. The Indian Ocean port of Mombasa, the biggest in east Africa and the region's trade gateway
A Florida family scavenging for sunken treasure on a shipwreck has found the missing piece of a 300-year-old gold filigree necklace sacred to Spanish priests, officials said on Tuesday. Eric Schmitt, a professional salvager, was scavenging with his parents when he found the crumpled
The United Nations Security Council has imposed sanctions on the North Korean shippers that operate the vessel Chong Chon Gang, seized by Panama in July 2013 for attempting to smuggle weapons from Cuba to North Korea. According to the UN, the shipping company
Italy's navy said it rescued nearly 1,800 migrants in overcrowded boats in the Mediterranean over the weekend, and a merchant ship recovered five bodies from a sinking rubber raft off the coast of Libya. Calmer summer seas have led to a surge in people trying to reach Italy from North Africa
DNV GL announced it has mapped out what is necessary to be in compliance with U.S. Coast Guard (USCG) requirements to operate FOIs, FSOs and FPSOs in U.S. waters. In what DNV GL is calling the first comprehensive overview of its kind , the roadmap document entitled “Verification for
Port operator APM Terminals, a unit of Denmark's A.P. Moller-Maersk, said it would sell a big U.S. container terminal to infrastructure investor Alinda Capital Partners and a British private pension fund. The companies, in a joint statement on Tuesday
Business owners on Koh Samet island are suing a state-owned petroleum enterprise for the oil spill that polluted the resort island's beaches last year. More than 50,000 litres of crude oil leaked from pipeline operated by PTT Global Chemical in July 2013 and blackened several beaches on Koh Samet
Almost 100,000 boat people have made the dangerous journey across the Mediterranean to Europe this year, a roughly 60 percent increase on the whole of last year, and about 800 have died in the attempt, the U.N. refugee agency said on Thursday.
Statoil's second quarter 2014 net operating income was NOK 32 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.3 billion. “Statoil delivered solid operational performance in the quarter
A Coast Guard lieutenant commander and graduate of Hastings High School in Houston, took command of Maritime Safety and Security Team Galveston during a ceremony in Galveston Thursday. Lt. Cmdr. Steve Morris and his wife are both from Houston and he enlisted in the Coast Guard through the
Statoil's second quarter 2014 net operating income was NOK 32.0 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.3 billion. “Statoil delivered solid operational performance in the quarter
As a result of an internal investigation prompted by concerns raised from employees and in follow-up to prior internal suspicions, the Canaveral Port Authority in May requested the Florida Department of Law Enforcement (FDLE) to probe improprieties in its parking operations.
Committees in Mexico's lower house on Saturday approved laws fleshing out a landmark energy reform that seeks to drive private investment into the long-shuttered sector. The so-called secondary laws, which detail the implementation of the constitutional energy reform passed last year
First-half container traffic at leading French port Marseilles Fos totalled 583,287 teu – up 7% on the first six months last year - marked by a 10% increase at the deepsea Fos terminals. Dry bulk and cruise passenger volumes also rose significantly, the port announced today